ISLAMABAD: Saudi Arabia has agreed to finance the construction of Jagran-IV Hydropower Project, by providing a loan of 131.125 million Saudi Riyal.
The Economic Affairs Division (EAD) Secretary Shaukat Ali has sent a letter to the Federal Board of Revenue (FBR) stating that for the construction of Jagran-IV Hydropower Project, of the loan agreement had been prepared between Pakistan and Saudi Development Fund and it would be signed by the relevant authorities of the two countries.
As per the PCD Handling 9903, Chapter 99 of the First Schedule of the Customs Act 1969, the project was excluded from customs duty and FBR was therefore asked to exempt imports for this project from customs duty.
Through the letter, EDA has requested the FBR to send its input on the project, so that the draft of the agreement for the loan could be finalised by the EDA.
During the Prime Minister’s recent visit to Saudi Arabia, a formal memorandum of understanding (MoU) between the two countries was signed after the host country expressed their eagerness to finance five projects of the water sector with an overall investment of $1.27 billion.
Before the relevant Pakistani and Saudi Development Fund authorities sign a formal agreement, the final draft would be presented before the federal cabinet for approval.
For news and blogs, visit Graana.com.
MELBOURNE — A new analysis by Deluxe Holiday Homes has highlighted significant shifts in Melbourne's…
ANKARA — A devastating fire at the Kartalkaya ski resort in northern Türkiye claimed the…
As Vietnam heads into 2025, the real estate market presents a dynamic mix of challenges…
Dubai’s secondary housing market is predicted to see robust growth in 2025, with demand for…
As Los Angeles County grapples with the aftermath of some of the most destructive fires…
On Friday, Azam Nazeer Tarar, the Minister for Law and Justice, informed the Senate that…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
